A firm's total fixed cost equals $2,500 . The firm's average fixed cost at 1, 5, and 10 units of output, respectively, will be:
a. $2,500, $2,500, and $2,500
b. $2,500, $500, and $250.
c. $2,500, $12,500, and $25,000.
d. $2,500, $1,250, and $250.
b
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Jaime's father gives her a car for her graduation from college, but Jaime wants a smartphone. This implies that
A) Jaime's father is not acting out of self-interest because he knows that she really wants a smartphone. B) Jaime's father is acting out of self-interest because he wants to give her something more expensive. C) Jaime is not acting out of her self-interest by wanting something different from what her father gives her. D) Jaime is not rational by asking for a smartphone instead of a car.
A command-and-control policy:
A. is unlikely to have any impact on the amount of pollution emitted. B. does not affect the production costs of firms. C. usually finds the most efficient pollution abatement technology. D. decreases the incentive for firms to develop efficient abatement technologies.
When you see an advertisement on TV for a hair care product in which the actor using the product is depicted as beautiful and happy, this is
A. persuasive advertising. B. direct market advertising. C. informational advertising. D. indirect market advertising.
An economy produces 500,000 tables valued at $100 each. Households purchase 100,000 tables, of which 50,000 are imported. Businesses purchase 200,000 domestically produced tables, the government purchases 100,000 domestically produced tables, and 50,000 domestically produced tables are sold abroad. At the end of the year, the table manufacturers hold the unsold tables in inventory. What is value of GDP?
A. $50 million B. $45 million C. $40 million D. $5 million